The OPEC oil production cut isn't surprising, I was waiting all summer for it to happen. Despite western "analysts" claiming the Arabs would be boosting production to help the west.
What surprised me what Americans throwing the toys out the pram about it. You'd think they at least anticipated it.
Resurrecting NOPEC is dangerous territory as the Saudis have already stated what their response would be.
Reuters article from three years ago, published on 5 April 2019:
Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC'
This is interesting reading 3 years on. Many of the Gulf states have already started to switch away from the dollar anyway, so this Saudi threat has less teeth than it did in the past.
If the Saudis do dedollarise the likely American response will be seizing of Saudi assets held in America. They could easily do this by blaming human rights in Saudi Arabia not to mention the evidence they've been sitting on Saudi intelligence involvement in 9/11.
From the Arab/OPEC point of view there is no point in selling as much oil as possible right now. Any profits will just be seized like Russia and the Taliban. Just liquidate American bonds, investments in America and Europe while you still can. That should cover any shortfall in selling oil. As Russia has shown it's possible to make more money selling less, at least for the short term.